Cost management- PROCESS

Question 1

1. Plan cost management

Answer 1

PG-Planning, KA-Cost
Desc- provides the how to document for cost management.
Key output
-Cost management plan

Question 2

2. Estimate Costs

Answer 2

PG-Planning, KA- Cost
Desc- Estimates the cost of resources required to complete project work.
2 Key output
-Cost estimates
-Basis of estimates

Question 3

3. Determine budget

Answer 3

PG-Planning, KA- Cost
Desc- Develops the cost baseline for the project.
2 key outputs
-Cost baseline
-Funding requirements

Question 4

4. Control costs (Earn value)- on track or not on track.

Answer 4

PG- M+C, KA- Cost
Desc-Controls the cost baseline and manages changes as required.
 3 key outputs
-Cost forecasts
- work performance information
-Change requests